June 15,2022

Reverse Mortgage, can it help Ease inflation?

First let’s review some facts:

·Home values have never been this high.

·With inflation your dollar will not purchase as much as before.

·Retirees on fixed incomes will be hurt the most.

If you’re worried about your saving, income, the ability to retire.  If you’re already retired and seeing your monthly income your purchasing power dwindling don’t look to Washington DC for answers. Politicians are very slow to act on “any” crisis. Once inflation is out of the bottle it’s years before it can be tamed. Until the price of oil / gas is back to the low $2.00 range we are going to have inflation. With costs constantly increasing, you either need to save more money or drastically cut back on your spending, neither of which are easy for retirees.

Is there’ll a solution for inflation and your financial situation?  Quick answer go back to work to make up the income your losing because of inflation. If that’s not an option maybe a reverse mortgage is something you should consider. Since Ronald Reagan signed reverse mortgage into law in 1987 thousands of homeowners have taken advantage of a reverse mortgage to increase their income. On a FHA reverse mortgage (Called a HECM) you can stay in your home until you turn 150 years old. Your equity is the key on a reverse mortgage.

With a HECM,  If you have more than 50% equity in your home you have many options.  You can pay off your current loan, you can receive a monthly income, you can have a line of credit that grows. There are many different types of HECM loans to customize for your needs. 

My advice

Act Fast, Don’t Procrastinate!

Home values have never been this high which really helps you with the reverse mortgage.

Remember it’s just a loan the different is how you pay it back. You still own your home you can sell it and the equity is yours, not the Bank or the Government. You still own the house, you’re still responsible for your Taxes, Insurance, and upkeep. 

Call me for a Free review on your situation.

Bradley Farris

FarrisMortgage.com                              

Serving the Ozarks since 1994

2412 East Madrid                                                                
Springfield, MO 65804

417-887-9595  phone
417-887-9596  fax

NMLS 261793, MO #1663, NMLS 1220790